S&P cuts Piaggio, notes

Standard & Poor's said it lowered its long-term corporate credit rating on Piaggio &C. SpA to BB- from BB. The outlook is stable.

The agency said it also lowered its issue rating on Piaggio's senior unsecured notes to BB- from BB. The 3 recovery rating on these notes is unchanged, indicating an expectation of meaningful recovery in the event of a payment default.

S&P said the downgrade primarily reflects its opinion that at year-end 2012, Piaggio's credit metrics will be weaker than previously expected and will not be commensurate with guidelines for a BB rating.

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